S2CT

Solvency II regulatory reporting solution

Our products

S2CT solution is available modular, makes reporting process more efficient, improves quality and accuracy of reported information and assures compliance in optimal manner. Clients using S2CT don't have need for alternative validation check with third party tools.

S2CT is comprised of following components

WEB PORTAL FOR CREATION, VALIDATION AND CONVERSION OF QRT'S

SCR AND MCR EXCEL CALCULATOR

BEST ESTIMATE CALCULATION (LIFE AND NON-LIFE)

REGULATORY INFORMATION MODEL (DW)

S2CT offers integral functionality across Pillar I and Pillar III, with included support for Pillar II. Component model design ensures segmented approach to the problem giving clients possibility to choose only component that is needed, but provides ready architecture for upcoming challenges that are set ahead such as shortening report dues, changes in validation, allocation and delivery formats.

Key facts

COMPLIANT FROM FIRST SUBMISSIONPartners using S2CT were compliant from first submission try, where time needed for report production was in some cases more than 50% shorter, compared to others.

AVAILABLE IN CLOUDStarting component for QRT production is available in both on premise or cloud model specially suitable for small to medium undertakers.

Contact for information

Dragan Oremus

Did you know that we offer QRT production component sole in SaaS model. Check service details here!

Concept:

Web portal for creation, validation and conversion of QRT’s

Main part of S2CT is web application that serves for creation of reporting instances, correction with change tracking, user friendly validation and conversion of QRT’s into XBRL or other given format. Validation of reported information that would be converted from QRT to XBRL is done by our proprietary market tested XBRL technology, as only one of a few validated in preparatory phase with EIOPA, fully working as expected. Extended part of validation are calculation controls that are executed on side of the regulator. Application has extensive security and controllable business workflow. S2CT within its scope of functionalities, that are designed following industry processes is optimizing reporting process at the same time securing needed control points for end production of report. This component of S2CT can be implement in matter of days, one practical example of usage is migration from EIOPA T4U – Tool 4 Undertaking (that would soon be deprecated) in seamless manner and without overhead.

SCR and MCR excel calculator

This excel calculator is widely known and already has been used by actuarial and risk staff in stress tests undertaken in previous years by NCA’s. Known as QIS, has been adjusted to meet standard formulae specification. Calculator correlates and calculates end SCR and MCR. All of its positions are mapped into QRT’s for life, non-life and composite undertakers and maintained with time. This part of S2CT solution whether used before or would be just used can be easily integrated into current reporting process making it instantly shorter, more accurate and efficient in the long run.

Best estimate calculation (life and non-life)

Addressing one mandatory part of Pillar I requirements we offer Best estimate calculation for life and non-life business. Calculation is done in controllable manner saving all relevant steps and information whether used for supervisory review or audit on calculation execution. Our calculation capabilities enable insurance company to get into control of this process from resources and time prospective. All problems that are experienced with usage for example of excel, like missing archive, track log and time planning besides technical uncertainty will and in what time calculation would be done are past on using of our tool.

Regulatory information model (DW)

Our RIM model collects regulatory information in such way that if offers various capabilities such as tracking risk and other indicators or trends and variance analysis. RIM uses central regulatory model as information source. Its practical usage can be for statutory (ORSA), internal or management reporting. Information architecture is designed in such way that it doesn’t require extensive IT involvement on loading of information, and can be easily accessed with commonly used tools such as excel pivot.

Business application:

Some of S2CT application scenarios:

QRT turnkey production either on premise or in SaaS mode, with guaranteed compliance,

Final aggregation of SCR and MCR modules,

Best estimate life calculation (possibility for non-life on demand as supported by EIOPA helpers),

S2CT can comply to any regulatory strategy of insurer due to scalable and modular architecture.

This solution model gives flexible problem resolution approach, from light QRT conversion tool, up to reporting process automation. Our market focus and specialization for insurance reg. reportig would give undertaker more time to cope with core business issues having in place reporting solution for the long run.

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Our mission

We provide integral financial regulatory reporting solutions for undertakers and supervisors.
Our solution and the market proven proprietary XBRL M3N® technology enable efficient regulatory report creation and delivery in a given format for undertakers, as well as automated collection and efficient adjustments to new market conditions for supervisors. Our solutions enable financial industry its seamless transition into a sphere of dynamic market scrutiny — soundness to risk.
Our mission is, by providing solutions and technology for regulatory reporting in the
financial sector, to increase transparency and help protect economy at large.

Banking industry

Insurance industry

Non industry related

Home / Products / IFSS

IFSS

Our products

Contact for information

Dragan Oremus
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What started with Basel in banking sector, continued with Solvency II in insurance industry clearly indicates major changes in a way how financial sector would be controlled as a whole. For some time now, a transition of financial regulation into a sphere of dynamic market scrutiny soundness to risk, is underway. Changes that are underway put challenge in front of pan-European central bodies, as well in front of National competent authorities (NCA's), and gives them responsibility to set processes, mechanisms, tools and technology that would serve in name of efficient, faster, more precise and in timely manner financial control. At the same time giving them possibility to be able to efficiently adjust state of information collected to real market state.

As much as, with respect to regulatory requirements, undertakers are seeking the optimal solution, on the other hand it is important, for central banks and supervisory agencies, to put in place an integral and specific system that will give answers to all challenges set by pan-European bodies. A solution that would help in alarming and preventing the next economic stress while moving into a dynamic market scrutiny – soundness to risks. We comply to all the challenges put in front of NCA’s with our IFSS – the Integral Financial Supervisory System.

Concept:

Our IFSS system offers a holistic and integral approach to financial sector regulation. The system includes automated collection, processing (validation) with responding, creation and adjustment of templates with versioning and publishing. The system has included the end point for visualisation (qualitative and quantitative analysis). Besides mechanisms for automated collection and processing over reported instances, we offer the central management of master data - registers (entity, outer users, certificates, templates rights...) as well as HUB preconfigured data connections for data transfer to pan-European bodies (Level II reporting to EBA and EIOPA).
The IFSS comprises of the following main elements:

FRONTEND:

Front end system of automatic submission reporting templates with tracking of submission history, and possibility of checking validation before submission
Front end system for manual report creation and submission with validation according to effective template version.

BACKEND:

Register management (master data) compliant with ECB RIAD requirements.
Outer user management, with rights and permission for submission according to supervised sector and relevant reporting templates, certificates, signatures related to reporting templates integrated with central registers.
Internal user management with rights and permissions.
Module for creation of new reporting templates, correction (versioning), automatic publishing of valid templates as actual for submission, with integrated XSD designer and sub module for defining additional report validations with proprietary pseudo-code technology.
Queueing system for automated processing and responding to collected reporting instances with monitoring.
Management module for tracking reporting process and processing steps.
End point system for visualisation (qualitative and quantitative analysis) of processed instances with analytics for direct and indirect supervision.
HUB module for exchange of files with EBA and EIOPA, with pairing of responses integrated with management module (level II reporting, pan-European remittance).
Our solution for financial regulation has integrated proprietary high performance XBRL M3N® and XML technology which enables the efficient transfer of information, enhances accuracy and facilitates analytical possibilities. Our XBRL technology in the preparatory S2 phase was validated by EIOPA as one of a few fully compliant ones (works as expected) in Level II reporting.
Validation architecture according to Base XBRL standard, XBRL taxonomy, Filing rules and additional rules or national discretions with our cutting edge technology is flexible and can be easily adjusted to any outer impulses (Filing rules, Assertion deactivation…). The additional XSD templates definition and associated additional validation are easy to define with our excel like state-of-the-art proprietary pseudo code technology (e.g. R0010C0520 + cell R0010C00550 = cell R0010C0010).

Some of features supported:

Visualisation
Analytics and risk dashboard with indicators defined by pan-EU bodies
Abstracted business data layer in analytics for easy versioning of analytical reports due to data model changes
Rights and security
Multilanguage (preconfigured English)
Validation (XBRL, xml, additional...)
Standardized interface for data collection (according to XBRL central DPM and XML) manual entrance or upload of finished instance – interface for manual entrance is separately licensed due to overhead in apply of scenario
Automated processing and responding to undertakers
Resubmission
Sign off
Audit trail
Pdf and excel export with RC codes
Reporting templates design, versioning and publishing
Additional validation definition within defined reporting template with proprietary pseudo code technology – excel like
Monitoring
Register data model design RIAD ECB compliant
Data HUB preconfigured for EIOPA, EBA with acknowledgment pairing with supported SFTP, MQ, HTTPS protocols
Archive
This unique and innovative solution offers an integral but at the same time flexible implementation model. The model can find its application despite of the complexity and the level of integration of the current solution for statistical supervision in the current IT infrastructure. This is done thanks to a modular design according to stress points that are following business LoBs. The IFSS could easily comply with any potential migration strategy of transition into the new - the IFSS solution. Our deep industry knowledge has enabled us to create the off-the-shelf system that offers efficient end-to-end functionalities from templates creation, automated publishing and processing of submissions, to analytics and level II reporting, all integrated within one system. The solution that is ready for the new financial regulatory framework and challenges set ahead.

Home / Products / S2CT

S2CT — Solvency II regulatory reporting solution

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Contact for information

Dragan Oremus
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1,2 MB

Changes introduced by European Insurance and Occupational Pension Authority – EIOPA through Solvency II new regulatory reporting regime are big challenge for insurance industry. Current definition of new regulatory reporting regime and future direction indications are suggesting that with time deadlines for report submissions would be shorter, changes likely, and regulatory pressure and scrutiny higher.
Complexity of doing business for insurance industry today and introduced changes, are demanding optimal access to comply with regulatory changes for reporting, approach that would at the same time be flexible and architecturally would be able to comply to all future regulatory requests, changes that would most likely follow banking regulation and their regulatory regime.
Our off-the-shelf solution and approach to Solvency II requirements are taking into consideration current time and scope of changes, as well current industry resource load and enables compliance with new regulatory changes without introduction of major changes in their existing IT systems.

Concept:

Our approach to Solvency II is to create one platform with standardized interface which will integrate existing IT systems. This way we offer optimal solution, taking into consideration available processes and data sources, without introducing major changes to current IT infrastructure
S2CT - Solvency II Compliant Toolbox rješenje za regulatorno izvještavanje sukladno EIOPA Solvency II zahtjevima sastoji se od slijedećih glavnih elemenata:
Contextual Solvency II dimensional data model with standardized S2 interface with built in first validation layer according to EIOPA specification. This data model can be used for connecting existing data sources and creating data snapshot for XBRL or other format export. Besides contextual interfacing, model can be used for support in creation of ORSA, SFCR and RTS reports and additional analytics (management, ad hoc...).
Web application for creation of reporting instances, data correction with audit¸ and archive with integrated proprietary market tested XBRL M3N® technology.
SCR and MCR excel calculator calibrated to standard formula.
Mapping of existing data sources with Dynamic Mapper for non-technical resources.
Modular system enables rapid implementation and instant possibility for manual creation of reporting instances, validation according to taxonomy, and export in given format (XBRL, XML...). On the other hand, by utilizing contextual data model, undertaker can take into consideration already defined data sources and processes and work on further process automation and optimization, so undertaker could keep track with constant regulatory changes, handle easier increased scope of information, and shorter dues for deliver reports to NCA’s. Each scenario can be executed without overhead.
Validation which is very important part of product is done with proprietary cutting edge fast processing XBRL M3N® technology and is done in four layers:
XBRL basic.
Taxonomy validation.
Filing rules.
Additional validation (plausibility, activation and deactivation of rules).
This same state-of-the-art technology is integrated in some EU National Competent Authorities and serves for collection, reading, visualisation and validation of submitted instances, responding to undertakers and reporting to pan-European central bodies, and has been validated already in Solvency II preparatory phase as one of few market tested XBRL technologies.
S2CT captures the data from back office systems, spreadsheets, databases without duplicating it, validates it and converts it in given format ready for NCA delivery. Changes to templates can be introduced manually through web interface with track changes. Regulatory monitoring service assures constant compliance with evolving regulatory changes.

Business application:

Annual reports for GROUP and SOLO entity’s (ARS, ARG).
Quarterly reports or GROUP AND SOLO (QRS, QRG).
Financial stability reporting.
ECB reporting.
National specific templates.
Calculation of capital adequacy according to standard formula.
Support in creation of ORSA, SFCR and RTS reports.
Support in other ad hoc, statutory and management reporting.

Home / Products / XBRL M3N® processor

XBRL M3N® processor

Our products

Contact for information

Dragan Oremus
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1,2 MB

If we could XBRL put in one sentence, one would be – TRANSPARENCY THROUGH TECHNOLOGY.
Truly, XBRL technology which is designed with purpose of business reporting brings enhanced possibilities in transport of complex information due to its architecture.
Primarily here we think of performing of complex validation, cross templates checks, higher data accuracy, all which all technologies couldn’t handle in optimal manner. Only one XBRL instance complies with all stated requirements. Data point model (DPM) and taxonomy which among other defines business concepts, templates and validation rules are publicly disclosed from side of authority bodies which are defining templates and rules for reporting, accessible to anyone, and such enabling to any one irrelevant of platform to build their own reporting solution.
Result is increased transparency.
Technology has found its usage in SAD before, while in great way is entering in regulatory framework of pan-European financial regulators, firstly European Banking authority (EBA), and now European Insurance and Occupational Pension Authority (EIOPA). Right mandatory format for delivery only in level II reporting, from side of National Competent Authorities (NCAs), but indications are clear because they have discretion to choose reporting at national level, and majority chooses XBRL.
Our cutting edge, high performance XBRL branded MRN® technology is one of few that is market tested and positioned valid technology. The same technology is used for creation, reading, validation on daily basis as from side of undertakers, as well from side of NCA's to comply with level II reporting requirements to central EU bodies.

Concept:

Service oriented architecture with strictly defined inputs and outputs which we follow in our product design have enabled us isolating of XBRL in form of product. Components of this product could easily be integrated with existing IT systems and landscape and brings overcoming with least effort of technology discrepancy in shortest possible time with low risk included. At the same time there is no need to invest to intensive and expensive building of XBRL competences which are very specific and complex.
Product package enables all what gets so reporting format could be compliant, in terms for creation of instance, reading of instance, mapping of instance into relational model, its visualisation and validation.
Our processor metric:
Loading ARS Solvency II instance sized 25MB – 5sec
Writing 500.000 lines of XBRL– 3sec
Tested on Windows Server 2008R2 OS-u with 8GB RAM, Intel G630, 2.7GHZ, 64BIT Architecture.
Validation is being done in four layers:
XBRL base specifications, linkbase, formula...
Taxonomy
Filing rules.
Additional (plausibility and activation or deactivation of assertions...)
Base of our solutions is accessible to anyone in form of service so each entity could integrate XBRL format and upgrade its data sources.
In the long run due to economy of scale we keep up with latest standard as well as regulatory changes from side of pan-European bodies and their definitions and release new processor versions with lowest cost and risk of noncompliance.

Business application:

This product could find its use in next business scenarios:
When entity does not want to invest in development and maintenance of XBRL technology, and have need for this format in delivery to regulator.
Product could be of use in building internal reporting solution in terms of building of new templates, and versioning of old ones according to effective versions of taxonomy.
In both cases those are companies which require high autonomy and control, this approach enables them easily overcoming of technology gap and to comply with latest standards in optimal way.

Systems based on our architecture can be installed on UNIX or Windows server platforms. Because they are built on SOA principles they can coexists in disparate enterprise environment. It can be stated that our solutions are platform less and they work with any implemented solutions such as IBM, Oracle or SAP.

Apart from architecture design, we are fully capable to implement various business processes and resolve various business issues aimed at achieving higher work efficiency and better analytical capabilities. We can develop SOA service modules operable with already implemented systems on any platform or develop new systems based on a completely new architecture no matter what size they are.

Our service is complete and of high quality. Basic SDLC (Software Development Lifecycle) processes as well as the additional ones (support, change management...) are defined by the ITIL process framework ensuring traceability and control.

CORFIN-CT is a complete solution for regulatory reporting which secures compliance with Basel III directive. Basel III is a directive effective from January 1, 2014. This web based solution comes with prebuilt COREP and FINREP templates, advanced service taxonomy validation and XBRL processor.

The solution innovative concept ensures work efficiency and control as well as a standard set of management control reports such as important date alerts for report forecast and data occupancy reports.
In addition, the solution comes with designed Data warehouse and predefined interface that can connect into any production system existing within the bank.

Such a designed solution does not bring any excessive costs in terms of forcing predefined analytics, but despite that it comes with designed Data warehouse enabling analytic implementation regarding to specific implementation case and need.
Contact us for detailed solution information, solution data sheet or scheme.

Solutions implements workflow for regulatory reporting process in optimized manner. Its innovative concept and functionalities and with help of advanced technology directly cuts time needed for regulatory work and producing of reports for supervisors. Savings in both money and resources can be directed into core processes.

C.R.T. is a company that offers solutions for regulatory reporting and compliance with Basel and Solvency directives. Besides offering solutions for compliance, company implements Risk management systems and provide support and training.

Before market focus definition C.R.T. has primarily been engaged in developing custom solutions strengthening its technical competencies. Solutions developed for company clients directed its market focus - financial sector. It also narrow company portfolio that and determined speciality.

C.R.T. core processes are standardized and described through designed SOP documents which are built on ITIL v3 process framework base. Standardization ensures traceable, controllable and manageable work. We constantly validate ourselves, our organisational and our processes through process audits.

C.R.T. offers EDI AS2 protocol-based solution (http, https), which can integrate partners securing security and data non repudiation. Such technology use lowers company’s cost and boosts its effectivity. EDI can be defined as a transmission of structured data from one point to another by using defined workflow.

EDI (Electronic Data Interchange) facilitates business data transfer among all business partners and clients. There is no need for paperwork on which you will lose precious time and have more chance of making errors. Why take days, when you can be productive in minutes. The Electronic Data Interchange (EDI) is the structured transmission of data between organizations by electronic means, used for transferring electronic documents or business data from one computer system to another, i.e. from one trading partner to another without any human intervention.

Our solution can help pharmaceutical companies to be in line with the upcoming ISO IDMP standard. We offer database that is in line with the IDMP granularity of medicinal product information and transmission, validation of regulatory reporting over built- in EDI communication server for transmitting messages to EMA.

This solution does not require additional investment in terms of acquiring BizTalk server or other for communication over EDI AS2 protocol because it has our own communication server built in – EDI AS2 compliant.

We have witnessed significant changes in risk management practice over the last few years.
Those trends have been refining legislation in order to build a more resilient financial system throughout the world.
Market volatility and a sense for risk have resulted in seeing risk systems as strategic assets.

One practical application of this solutions can be found in the government supervisory agencies where often various and disperse specific undertakers need to be managed in centralized and efficient manner.

Due to financial crisis and strengthen regulatory pressure, we have witnessed significant changes in risk management practice over the last few years. Those trends have been refining legislation in order to build a more resilient financial system throughout the world. Market volatility and a sense for risk have resulted in seeing risk systems as strategic assets.

In addition to implementation of our partner ERM solutions we are capable to implement smaller custom risk modules that are aiming specific purposes for which we can build risk model and full implementation.

In accordance to Solvency II Directive C.R.T. has designed S2CT - a comprehensive solution designed with cutting-edge technology that fulfils most demanding Insurance and Reinsurance market needs from bear compliance to advanced analytical ones.

S2CT (Solvency II Compliant Toolbox) is an out-of-the-box regulatory reporting solution compliant to the Solvency II Directive. Solution takes into consideration varying degree of preparedness and needs of Insurance and Reinsurance companies S2CT comes in three edition types which enables data leverage in line with organizational possibilities. Its architectural design concepts are modular enabling efficient or even modular use.

(Re)Insurance company can choose appropriate edition suitable to organizational needs. Each of S2CT edition is securing compliance with Solvency II regulatory requirements. In addition STANDARD edition provides comprehensive set of functionalities that are securing work efficiency and necessary management control mechanisms in tight regulatory work.

PREMIUM edition is designed for companies with a high degree of preparedness in terms of data and risk management techniques and is enabling modelled governance through advanced analytics serving senior management with in time information in their decision making process.

Both STANDARD and PREMIUM editions are significantly cut time needed for report production and directly lowers costs of regulatory compliance work. Also associated risk is controlled in effective and manageable manner.

Solutions implements workflow for regulatory reporting process in optimized manner. Its innovative concept and functionalities and with help of advanced technology directly cuts time needed for regulatory work and producing of reports for supervisors. Savings in both money and resources can be directed into core processes.

S2CT is a complete solution that can be connected to any legacy system (SAP, IBM, Oracle...). Unlike other Enterprise solutions, S2CT Enterprise editions come as an integral solution with no hidden costs i.e. clear TCO and clear functional specification.

XBRL accompanying taxonomy is like a dictionary that defines reporting templates and translates business concepts from for example balance sheets into series of interrelated XBRL elements which the together form end business report that can be instanced in XBRL format.

XBRL language and its accompanying taxonomies represent a basis for most of company solutions. This language is relatively new in its application in the EU which currently is defined to be used by Solvency and Basel directives.

As we base our development on SOA principles and we are focused on financial sector this enable us to provide service parts related to XBRL processor (read, write), accompanying relational model, taxonomy validation (Basel, Solvency) as finished components or out-of-the-box manner.

XBRL transforms the way companies transport their data, language enables them to transport data in more efficient way cutting end costs and extends the range of possibilities in end to end transport. By using our company services or components our clients cut development costs and focus on bottom line business values exploiting this technology as a tool.